"Guerrilla Marketing"

Guerrilla marketing is advertising with a twist.  No matter what the product or service, marketing and advertising is a necessity for brands around the world.  Successful guerrilla marketing campaigns usually corral attention of thousands, possibly millions through hidden strategy, before revealing their true purpose and the best campaigns render no negative sentiment.  In a world where brands have a cut throat battle with advertising clutter, it is essential that marketing efforts are creative, pioneering, and sometimes shocking to potential consumers to differentiate themselves from the masses of products and buisnesses in the marketplace.  Guerrilla marketing can use a combination of marketing mediums including public relations, advertising, design and marketing into an offensive creation and sometimes shocking promotion strategy to reach the end consumers.  Attention getting street graphics, strange occurrences, memorable events, buzz, and product placement great mediums for this type of marketing.

In 2005, Burger King implemented a guerrilla marketing campaign in Asia.  In a attempt to increase their beef sales and lure customers from McDonald's, their #1 competitors.  They placed BK t-shirts on Ronald McDonald statues, put large footprints from McDonald's to BK, and placing "Gone to BK - Ronald" signs on empty benches.  Risky, but their campaign was extremely successful.

Source: creativeguerrillamarketing.com

                                                                         "Public Relations"

Public Relations, as stated in our text , there is an old saying in the entrepreneurship field, "While you have to pay for advertising, you can pray for PR!  Brands and public relations firms may be diverting more of their budgets to content marketing these days, but there's still plenty of clout in PR's bread and butter, earned media.  When it comes to PR resources online, it seems that you could pretty much choose form millions of PR blogs offering tips, tricks, and advice on how to do public relations effectively.  With so many out there, it can be difficult to separate the quantity and form the quality.  Some companies actually plan and execute well controlled PR programs that are part of their integrated promotional plans.  PR is designed to create and display a positive image of a company, its products/services, and people.  Publicity is one of the most used PR tools.  Publicity is the practice of creating and disseminating information about a company, its products/services, people, or company activities to secure favorable news coverage in the media reaching identified target audiences.  Publicity is not the only form of public relation.  There are many others, such as sponsorship and collateral materials like annual reports, brochures, newsletters, corporate Web sites, or videos.  Through sponsorship you can reach your target audience and build goodwill toward your company and its products/services.  PR can make or break your venture, helping you build your brand and bring promise to your venture. 

                                                         Marketing Plan vs Business Plan
                                                                       "Marketing Plan"
The Marketing Plan as stated in our text book, is the road map to a successful business venture.  The anatomy of the marketing plan is the essential output of the venture planning process.  The purpose is to produce a concrete plan of action that will achieve the ventures' objectives.  Putting your ideas on paper and having a vision for your venture is key to being to being successful.  Also, knowing the difference between the Ventures' Business Plan and the Marketing Plan.  The marketing plan has several sections and analysis points.  The Competition Analysis section, is the most intriguing, fun, and challenging.  This analysis involves research of your competitors, understanding their strengths, weaknesses, and strategies.  Also outlining the competitive advantages of each competitor, the customers they target, the market share they hold, and their financial power.  Understanding the key competitive plays of your competitor and how your strategy will be different from the competition and how you will beat the competition.  Which in turn will help you to reach your desired target market.  Understanding what makes your customers happy and why they would buy from you or demand your services.

Market Penetration

                                              "Marketing Penetration and Competitive Advantage"

                                                              "Marketing Penetration"

Marketing penetration is a business growth strategy, in which a company executes initiatives to expand the customer base for its products and services within a certain market.  Market penetration can be both a measurement and a projection of how successful newcomer businesses have been, or will be against the established competition.  Usually performed by start ups and early businesses, market penetration requires careful assessment.  A solid market penetration plan begins with identifying the products or services that the research will focus on.  Market penetration is supposed to be a low risk business growth strategy typically centered around increasing the number of business locations in the interest of capturing greater shares of an existing customer base.  Done well, market penetration yields valuable gains in market share.  It is known that any low risk endeavor, marketing penetration has limits.

Source: smartling.com/market-penetration

Direct Channel

                                 "Entrepreneurial Channel Development and Supply Chain Managment"

                                                                     "Direct Channel"

Direct channeling of distribution is described as a situation in which the producer sells a product directly to a consumer without the help of intermediaries.  Basically, "cutting out the middle man", known as retailers.  A direct channel of distribution is the shortest and simplest form of distribution channel.  This has become very popular since the advent of the world wide web.  Using a Web based channel can have several advantages and benefits.  Web based selling has low overhead and gives your product and or service a potentially global reach.  Because no intermediaries share the profits, most direct distribution channels tend to have higher rates of profit than indirect channels. Having Web based selling, allows your business to be open 24/7 for your customers to shop.  Direct channeling also has its disadvantages is that a direct distribution channel cannot  compete with the geographical reach and business volume of a distribution channel that includes major wholesale and retailers.  Another downside to direct distribution of tangible products by phone, mail, or Internet is that customers are often asked to shoulder the burden of the shipping cost.

Source:  smallbusiness,chron.com

                                                 "Pricing in an Entrepreneurial Venture"

Understanding the value of your product(s) and or service(s) will certainly help you set your price line for your venture.  There are a number of the of things to be considered.  One of the best ways is to put yourself into the shoes of your ideal customers.  Determine, what the market will bear, usually this is done by looking at your competitors pricing.  Yes, you want to be aware of your competitor's prices, but do not let that consume you nor the sole determination for your venture price setting.  As our text book stats, lower prices may give consumers a impression that your product(s) and or service(s) are of poor quality.  You can start to scale and to be able to reach more people, your prices can go down to reflect this reality.  This might seem kind of clique, but actually makes total sense when you think about it from a business perspective instead of "this is what we're supposed to do".  It is possible to choose a price that feels good and that fits the market.

Another option, is to offer your product(s) and or service(s) at a lower price point and receive enough positive feedback that you can then raise your prices over time.  This is a great way to go no matter what business you are in. This way you build confidence and prove to yourself and your future customers that you have what it take to provide a quality product or service. Pricing is something you grow into.  You can not start out charging a price you do not feel comfortable charging.  Also, you do not what to low grade yourself.

                                                                             "Branding"

                                                                         "Branding Equity"

Branding Equity has many definitions, the most simple one is that brand equity is the value added by the brand to the product.  As stated in our text.  Prophet.com says that brand equity has four dimensions - brand loyalty, brand awareness, brand associations, and perceived quality, each providing value to a firm in numerous ways.  Once a brand identifies the value of brand equity, they can follow the brand equity road map to manage that potential value.

The introduction of brand loyalty to the model was and still is controversial as other conceptualizations position brand loyalty as a result of brand equity, which consist of awareness and associations.  To buy a brand or place a value on it, the loyalty of the customer base is often the asset most prized, so it makes sense to include it.  Brand equity also provides value to customers.  It enhances the customer's ability to interpret and process information, improves confidence in the purchase decision.  This model provides one perspective of brand equity as one of the major components of modern marketing alongside the marketing concept, segmentation, and several others.  

Source: prophet.com

                                                  Developing New Products and Services

New products and services are the lifeblood of all businesses.  Investment into the development is crucial to business growth and profitability.  Planning and organization need to be done carefully.  Understanding the products and services life cycle, so you will know when to begin the development process.  The life cycle has five steps.  Development, Introduction, Growth, Maturity, and Decline.  Identifying where products/services are in their life cycle is central to your profitability.  Effective research into your markets and competitors will help you.  Develop your ideas, because there is a lot a stake when developing your new products and services.  The clearer you are about your plans, the better you can analyze the risks involved.  Your products/services should match the market needs.  Discover what those needs are and meet customers' needs and offer better than the alternative offered by competitors.  Establishing a pricing strategy for new products/services.  The movement you decide to take an idea forward, consider the pricing.  An effective development process for products/services should be divided into key stages.  Idea generation, Idea distillation, Concept definition, strategy analysis, Concept development, Test marketing and finalizing the concept, and product launch.  Make sure you have a dedicated team to assist you.  Developing new products and services is an inherently risk process.  Always plan any investment carefully and strictly controls your cost.

Source: infoentrepreneurs.org/en/guides/develop-new-products-and-services

                                              Market Segmentation, Differentiation, and Positioning 

                                                                         "Positioning"

Positioning is often the overlooked aspect in the marketing process.  Really, positioning is one of the most important aspects of marketing your company or products is its position in the market, stated in an article by Kissmetrics.  Kissmetrics gives 4 ways to position your company among well entrenched competitiors.  Positioning is the last step in the STP process.  

First, Target a specific group of people.  Know your intended customers likes, dislikes, needs, wants, and behaviors.  You must connect your intended position to the unique desired benefits of the customers.  

Secondly, do one or two things very well.  Provide a number of plans for your customers.  Positioning is considered as creating your "value proposition" or as a "marketing promise" to your customer.  These things should be what your business venture's products/ services are known for, your "staple" or "signature".

Thirdly, tell a unique story.  If your competitors are telling the same story whether that is they have the lowest price, or are the most innovative, then you need to be telling a different story.  Do you offer the best services?  Or are you the easiest to use?  Or just simply be welcoming to products and services suggestions.

Lastly, be user friendly.  Focus on making the life of your customers easier and not try and milk them for every last dime.  This approach will have a huge impact on your business success.

Source: blog.kissmetrics.com/well-entrenched-competitors

                                              Identifying Customers Markets and Demand

                                                                     "Competition"

Having a clear understanding of what your customers expect from your products/services is very important.  But, also understanding what your competition has to offer is equally important.  As stated in our text, putting time into knowing the competition's products/ services is key to your venture's success.  Learning why customers choose one over the other is key.  Considering all competition when planning your business venture, to make sure you have the edge over the others in your industry.

There are two types of competition direct and indirect competition.  Direct competition offers similar products and services.  With direct competition, customers will consider price, location, service levels, and product features when deciding on where to spend their money.  It is known that, not all people will choose the same combinations of options.  So, offer a unique mix of options for customers to choose from.  Offering a lower price does not mean your guaranteed to gain customers.  Understanding where your competitors are positioned is key to identifying the gaps that your business can fill. Indirect competition are businesses that offer slightly different products/services, but target the same group of customers with the same goals of satisfying the same needs.  It is known that all businesses face this kind of competition.  These competitors do not offer the exact same products/services but, they set out to meet the needs of your customers, just in a different way.  With that being said, consider all the ways your customers needs can be satisfied.  Creating a strategy for handling this type of competition, you create an advantage over businesses that believe they are unique and have no direct competition.

Source: smallbusinessbc.ca/article/understanding-your-competition

                                       Marketing Research to Ensure Success

Researching your market and potential customers are very important to the up start of a venture.  There are several methods to get VOC (voice of consumer).  Marketing for Entrepreneurs give several options.  Depth Interviews, Focus Groups (FGs) and Surveys seem to be a few of the most common methods.
Depth Interviews is the process of sitting down with potential customers whom are interested and/or willing to do the interview process. These are people who are interested in your products or services that you are offering.  Getting a personal feel for the people.  This process allows you to actually look into the person's eyes that you are interviewing.  Being in their presents also gives you the opportunity to show how passionate your are about obtaining them as potential clients.
Focus Groups (FGs) are like the deph interviews.  The difference is that your in a group setting, usually 8-10 people.  According to Frederick G. Crane, FGs can be successful to get the overall groups/community's opinion on your products and services.  Giving you an overall feel for the VOC of potential clients/customers.
Surveys are a popular method for organisations to monitor customers preferences and levels of satisfaction, according to Neal Cole.  Also stated, survey framework appears to be based upon a outdated and false view of people as rational, independent agents with relatively fixed preferences.  The survey framework can generate unreliable and misleading results which can contribute to an illusion of understanding customers.  All of the research methods are useful in their own way.  Possibly all three could be used in some sort of combinations to obtain the needed information.

       Evaluating Marketing Opportunities

Seemingly every entrepreneurial that has an interesting idea, believes that they can turn it into a durable and get rich opportunity that will last as  long as they want it to.  Most entrepreneurs fail to research and evaluate the entire aspect of their possible business venture.  Most people do not even realize that there is a difference between ideas and opportunities.  As stated by Stuart Leung, Ideas are more nebulous and unrefined, and exist to provide a business with a possible general direction in which to move.  Opportunities are absolutely necessary, as they are often the catalyst that gets everything started.  I often hear people say that they are just waiting on their opportunity, or just need a opportunity to show what they are capable of doing.  Ideas provide the drive and vision, but can not be the replacemant of opportunities.  Ideas are thoughts in your head until you put the on paper, opportunity is when you are able  to put your ideas into action.  

Customer felt needs are also a very important part of the evaluating process.  Understanding what it is that your potential customers want and need is also important.  Providing exactly what customers want, or coming close as possible will help your business venture to be successful.  Because as stated earlier in the text book, making money should be secondary to pleasing your customers and making a name and building your brand.  If money making is the sole purpose your venture may not last long.

Trend Spotters

Trend spotting plays a significant role in the success of entrepreneurs.  Trend spotting is basically knowing your customer and potential clients inside and out.  Trend spotting should also inspire your target market.  Knowing your market's sensibilities and committing yourself to knowing your audience is very important.  Being committed to becoming a great trend spotter involves, knowing what is relevant to the market and becoming an expert on what they like and do not like.  Increasing your knowledge should give you insite to what prospective consumers' problems, strengths and limitations.  Also knowing your competitors and their products and services. This includes why and what they like and dislike about their product(s) and services(s).  Spotting a trend at the right time could boost your product.  Trend spotters, also look to satisfy unmet needs, solve acute problems and or energize consumers.  Also try and understand why people like certain products and services.  As stated by Frederick G. Crane, author of Marketing for Entrepreneurs, " A trend is different from a fad, which comes and goes quickly.  A fad does not change society, but a trend does.

Social Media As Part of Marketing Plan

With the growth of Social Media and the millions of people who are logged in, strolling up and down their pages searching for information, social media does not seem to be a bad idea.  From a Marketing Plan stand point, the social media platforms are a very distinct way to reach your desired audience.  In a marketing plan your customers are distinguished.  Social media sites like Facebook, Twitter, Google+, LinkedIn, and other networks has changed the way customers can be reached.

Social media can be very useful to small businesses that can not fit or afford the TV advertising into their budgets.  Social media also allows direct contact between customers and consumers.  Direct messaging or (DM) is what it is referred to, can be very helpful if a company choses to do so.  Replying to customers and potential clients directly can help build relationships and put your product(s) or service(s)on the front line.  Reaching our target customers is a big part of your business success.  Sometimes social media can be overwhelming to try and keep up with.  You would almost need a person(s) designated to keep up with it. Focusing only on the sites that would benefit your company would be key.  Could social media be a key tool for your business success?